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HDB issues fixed rate notes

The Housing Development Board (HDB) has issued $900 million 10-year fixed rate notes under its $32 billion Multi-currency Medium Term Note programme.

The Notes have a coupon of 3.1% per annum payable semi-annually in arrear. They were issued on 24 Jul 2014 and will mature on 24 Jul 2024.

Continue reading below for the full statement from HDB:

The Housing and Development Board ("HDB") has issued S$900 million, 10-year Fixed Rate Notes (the "Notes") under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme

The Notes have a coupon of 3.1% per annum payable semi-annually in arrear. The Notes were issued on 24 Jul 2014 and will mature on 24 Jul 2024.

The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained.

Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.

Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.

HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables more than nine out of ten of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.